Market Overview - Hong Kong stocks faced downward pressure with all three major indices falling over 1%, closing with the Hang Seng Index down 1.12% at 23,710.69 points and a total trading volume of HKD 181.93 billion [1] - Huatai Securities noted that despite rising interest in Chinese assets and a favorable environment for Hong Kong stock expansion, the market's significant decline presents relatively controllable risks, emphasizing the importance of sector rotation [1] - Guotai Junan International suggested that high-quality dividend sectors remain a stabilizing force in investment portfolios in the short term, while technological innovation is seen as a new driving force for economic growth and stock market increases in the medium to long term [1] Blue Chip Performance - Li Auto (02015) led the blue-chip decline, falling 4.14% to HKD 104.1, with a trading volume of HKD 1.561 billion, impacting the Hang Seng Index by 9.84 points [2] - Meituan's CEO Wang Xing reduced his stake in Li Auto, selling 5.737 million shares for over HKD 600 million, decreasing his holding from 20.94% to 20.61% [2] - Other notable blue-chip movements included China Hongqiao (01378) rising 3.39% and contributing 2.44 points to the index, while Alibaba Health (00241) fell 3.18%, impacting the index by 1.53 points [2] Sector Performance - Large technology stocks generally declined, with Alibaba down 2.26% and Tencent down 1.07% [3] - The pharmaceutical sector saw gains, with notable increases in stocks like Ascentage Pharma-B (06855) up 12.04% and Kintor Pharmaceutical-B (02171) up 11.47% [5][6] - Oil and gas stocks surged due to rising oil prices driven by Middle Eastern tensions, with Jixing New Energy (03395) skyrocketing 343.18% [3][4] - Gold stocks also saw afternoon gains, with Tongguan Gold (00340) up 7.47% as geopolitical tensions continued to influence market sentiment [4] Real Estate Sector - The real estate sector continued to face pressure, with companies like R&F Properties (02777) down 4.17% and Xincheng Development (01030) down 5.83% [6][7] - National statistics indicated a 10.7% year-on-year decline in real estate development investment for the first five months of 2025, with new housing sales also down [7] - Guosen Securities highlighted the ongoing weakness in real estate fundamentals, suggesting that future policy measures could provide opportunities for speculation in real estate stocks [7] Notable Stock Movements - Beijing Construction (00925) surged 220% after announcing a privatization offer at a premium of 250% [8] - Lehua Entertainment (02306) rose 16.42% due to market recognition of its new product WAKUKU [9] - SF Express (09699) reached a new high, increasing 4.59% after revising its delivery service agreements to reflect higher demand [10] - Perfect Medical (01830) issued a profit warning, with expected earnings down 33.5% to 35.1% year-on-year due to weak consumer confidence [11]

Group 1 - The Magnificent 7 index of major US tech stocks fell by 0.81%, closing at 165.71 points [1] - Tesla shares dropped by 3.90%, closing at $316.28, with a trading volume of 86.08 million shares [2] - Apple shares decreased by 1.40%, closing at $195.64, with a trading volume of 37.61 million shares [2] - Meta Platforms shares fell by 0.70%, closing at $697.23, with a trading volume of 9.23 million shares [2] - Amazon shares declined by 0.59%, closing at $214.82, with a trading volume of 30.85 million shares [2] - Alphabet (Google A) shares decreased by 0.46%, closing at $175.95, with a trading volume of 24.75 million shares [2] - Nvidia shares fell by 0.39%, closing at $144.12, with a trading volume of 136 million shares [2] - Microsoft shares dropped by 0.23%, closing at $478.04, with a trading volume of 13.83 million shares [2] Group 2 - Eli Lilly shares fell by 2.02%, closing at $791.24, with a trading volume of 2.76 million shares [2] - Berkshire Hathaway B shares decreased by 1.38%, closing at $483.48, with a trading volume of 3.81 million shares [2] - Taiwan Semiconductor Manufacturing Company (TSMC) ADR shares dropped by 0.83%, closing at $213.90, with a trading volume of 8.22 million shares [2] - AMD shares increased by 0.56%, closing at $127.10, with a trading volume of 85.69 million shares [2]

Market Performance - On June 16, US stock indices collectively rose, with the Dow Jones, Nasdaq, and S&P 500 increasing by 0.75%, 1.52%, and 0.94% respectively [3][5] - The Nasdaq Golden Dragon China Index rose over 2%, indicating a positive trend for Chinese stocks listed in the US [5] Company Highlights - The Chinese biotech company Brainstorm Cell Therapeutics saw its stock surge by over 280% after announcing a stock split of 1 share into 38 shares, effective June 16 [2][7] - Other notable performers included Yika Technology, which rose over 11%, Futu Holdings up over 10%, and GDS Holdings increasing by over 9% [5] Technology Sector - Major US tech stocks experienced gains, with the Nasdaq US Tech Giants Index rising by 1.49%. Facebook increased by 2.9%, Nvidia by 1.92%, and Amazon by 1.89% [7][8] International Market - European stock markets also performed well, with the FTSE 100, CAC 40, and DAX indices rising by 0.28%, 0.75%, and 0.78% respectively [8] Commodity Market - Gold and oil prices experienced a pullback, with COMEX gold futures and London spot gold both dropping over 1%, while NYMEX and ICE crude oil futures fell over 2% [9] - Despite the recent decline, there is an expectation that central banks' continued purchases of precious metals will support their prices in the medium term [9] Oil Price Outlook - DBS Bank outlined three scenarios regarding oil prices, with the base case suggesting a temporary rise above $75 per barrel, but with concerns over OPEC+ production cuts and demand [10]

Group 1 - The core viewpoint of the article emphasizes the increasing attractiveness of non-US assets and the importance of diversification in investment strategies as global investors reassess risk-return profiles of dollar assets [2][3][4] - Multiple institutions highlight that the appeal of markets outside the US, particularly in Asia and Europe, is expected to strengthen, with emerging markets and Asian profit growth leading globally [3][4][5] - There is a notable shift in investment focus from India to China, particularly in the context of passive and partially active funds, indicating a growing confidence in China's market stability and institutional credibility [4][5][6] Group 2 - The article mentions that international long-term capital is increasingly interested in Chinese assets, particularly in the consumer and technology sectors, driven by favorable pricing and strong corporate performance [5][6] - The Hong Kong market is experiencing a significant influx of international capital, with daily trading volumes projected to rise from approximately 100 billion HKD in 2024 to between 200 billion and 300 billion HKD in 2025, with 70% attributed to international funds [5] - The positive outlook for China's technology sector is reinforced by recent policy support and innovations such as DeepSeek, which are expected to boost market confidence and consumer spending [5][6]

Core Viewpoint - The article highlights the impact of escalating tensions in the Middle East on global markets, leading to declines in U.S. stock indices and significant increases in gold and oil prices due to heightened risk aversion and supply concerns [1][3][11]. U.S. Stock Market Performance - All three major U.S. stock indices fell, with the Dow Jones down 1.58%, Nasdaq down 1.08%, and S&P 500 down 0.97% as of 23:02 Beijing time [3]. - The "fear index," or the S&P 500 volatility index, surged above 20, reaching its highest level since late May [3]. - The technology sector, represented by the seven major tech companies, also experienced declines, with the index down 0.86% and notable drops in stocks like Apple and Nvidia, which fell over 1% [6]. Energy and Commodity Markets - Energy stocks in the U.S. saw a significant rise, with Houston energy stocks up over 100% and U.S. energy stocks up over 62% [7]. - In contrast, airline stocks faced declines, with companies like Delta Air Lines and American Airlines reporting losses [7]. - Gold prices reached a one-week high, with COMEX gold futures rising 1.69% to $3,459.8 per ounce and London gold spot prices increasing 1.23% to $3,427.71 per ounce [11]. - International oil prices surged due to concerns over potential disruptions in Middle Eastern oil supply, with NYMEX WTI crude oil futures up 6.67% to $72.58 per barrel and ICE Brent crude oil futures up 6.52% to $73.88 per barrel [11][12]. Chinese Concept Stocks - The Nasdaq Golden Dragon China Index fell 1.89%, although some individual stocks like Donis saw gains of over 7% [8]. - Other notable Chinese stocks included Yatsen Global, Sohu, and JinkoSolar, which experienced varying degrees of price changes [9].

作 者丨 郑青亭 编 辑丨 和佳 李益文 金珊 北京时间6月13日晚，美股三大指数集体低开，道指跌1.14%，纳指跌1.07%，标普500指数跌0.83%。截至22:45，跌幅继续扩大。 美国大型科技股多数下跌，苹果上涨0.21%，亚马逊、特斯拉、英伟达、谷歌均跌超1%，微软、脸书分别下跌0.26%，0.38%。油气股走高， 斯伦贝谢涨超1%，埃克森美孚涨超2%。 消息面上，据央视新闻报道，以色列空军1 3日当天已对伊朗境内的目标发动了5轮袭击。据悉，以方总计已发动数百次打击 行动。当天以色列在伊朗德黑兰发动的袭击已造成3 2 9人受伤，7 8人死亡。 "我们的金价归因模型显示，地缘政治风险指数是一个具有显著统计意义的驱动因素。在不考虑其他前提下，地缘政治风险在2024年令金价上 涨了8%，2025年前五个月，其贡献则为5.7%。"贾舒畅说道。 景顺亚太区全球市场策略师 赵耀庭向记者指出，历次地缘冲击让市场出现疲态，避险资产上涨存在但动能温和。如黄金仅小幅上涨约1%，显 示其"避险属性"仍有效但力度有限。同时，投资者短期可能趋向"降风险"；然而，美元在当前美国财政状况与贸易政策倾向下或不再铁定是最 强避险货币 ...

Market Overview - On June 13, US stock indices opened lower, with the Dow Jones down 1.32%, S&P 500 down 0.79%, and Nasdaq down 0.83% [1] - Major tech stocks experienced declines, with Nvidia and Amazon dropping over 1%, Google A down 1%, and Apple and Tesla nearly 1% [2][3] Sector Performance - Airline stocks fell across the board, with American Airlines down nearly 5%, United Airlines down over 4%, and Boeing down over 2% [3][4] - Energy stocks showed strength, with Houston Energy experiencing a surge of over 160% at one point, and US Energy rising over 90% [4][5] Chinese Stocks - The Nasdaq China Golden Dragon Index fell over 1%, with individual stocks like Kingsoft Cloud down over 7%, iQIYI, XPeng Motors, Bilibili, and Li Auto down over 3%, and Alibaba down over 2% [6][7] International Markets - European indices also saw declines, with the UK FTSE 100 down 0.45%, and both the French CAC40 and German DAX down over 1% [8] Commodity Prices - International oil prices surged, with US oil up 7% and Brent oil nearly 7% [8] - Gold prices also increased, with London gold up 1.48% and COMEX gold up 1.65% [11] Geopolitical Events - Tensions escalated as Iran officially withdrew from nuclear negotiations with the US, and Israel conducted airstrikes in Iran, resulting in casualties [11][12][13] - The situation has implications for oil prices, with Morgan Stanley predicting potential spikes to $120 per barrel due to these geopolitical tensions [11]

美股三大指数小幅收涨 当地时间6月12日，美股三大指数小幅收涨。 当地时间6月12日，美股三大指数小幅收涨。美股大型科技股涨跌不一，甲骨文大涨13.32%。中概股多 数走高。国际金价上涨。 热门中概股多数上涨。 截至收盘，纳斯达克中国金龙指数跌0.41%。指数成分股中，迅雷、多尼斯大涨 超9%。 Wind数据显示，截至收盘，道指涨0.24%，报42967.62点；纳指涨0.24%，报19662.48点；标普500指数 涨0.38%，报6045.26点。 美股大型科技股涨跌不一。Wind数据显示，万得美国科技七巨头指数小幅上涨0.33%，成分股中，特斯 拉下跌2.24%，谷歌母公司Alphabet跌1.02%，Meta跌0.11%；英伟达涨1.52%，微软涨1.32%，苹果涨 0.21%，亚马逊涨0.02%。 | 资料 | 成分 | 资讯 | | 相关基金 | | --- | --- | --- | --- | --- | | 英伟达(NVIDIA) | | 145.000 | 1.52% | 2.170 | | NVDA.O | | | | | | 微软(MICROSOFT | | 478.870 | 1.3 ...

Core Viewpoint - The weakening of the US dollar and the expectation of interest rate cuts by the Federal Reserve create a critical allocation window for non-dollar assets [1][2]. Economic Outlook - The US economy has been experiencing a temporary slowdown since the beginning of the year, characterized by increased imports and weakened consumer and business confidence, which is expected to continue for the next two to three quarters [1]. - The Federal Reserve is anticipated to start cutting interest rates by the end of this year, with a total of four cuts expected by mid-next year, potentially lowering the federal funds rate to a range of 3.25%-3.50% [1]. Investment Strategy - Investors are advised to consider reallocating to non-dollar assets, particularly European industrial and banking stocks, which are expected to benefit from significant fiscal stimulus plans in Europe [2][4]. - The euro is projected to appreciate against the dollar, with an expected exchange rate of 1.18 by August next year, indicating a potential 4% increase [4]. European Market Insights - The European investment landscape has seen a notable shift in confidence, driven by factors such as the ongoing Russia-Ukraine conflict and Germany's announcement of a €500 billion fiscal stimulus plan focused on defense and infrastructure [4]. - European investment-grade bonds, particularly from the financial sector, offer attractive yields around 3.5%, despite being lower than US Treasury yields [4]. Australian Market Perspective - Australian government bonds are also viewed positively, with 10-year yields exceeding 4%, and the Australian dollar is expected to appreciate over the next 1-2 years due to global commodity price influences [5]. Gold and Commodity Investments - Gold is seen as a significant hedge and diversification tool, with potential prices reaching $3,700 per ounce by June next year, supported by geopolitical uncertainties and central bank purchases [5]. - The allocation to gold and other commodities should be limited to around 5% of the investment portfolio, with a greater focus on stocks and bonds [5]. Focus on Chinese Technology Stocks - Chinese technology stocks, particularly those related to artificial intelligence, are highlighted as promising investment opportunities, driven by recent fiscal and monetary stimulus and growing international interest [6]. - The rapid development of AI in China is supported by significant investments from major tech companies, enhancing the long-term growth potential of the sector [6]. Comparison with Japan's Economic Situation - China's economic resilience is contrasted with Japan's past economic challenges, emphasizing that China's growth rate remains around 5% and urbanization offers substantial growth potential [7]. - Despite adjustments in the real estate market, China's industrial and manufacturing investments are growing at rates of 9%-10%, significantly higher than pre-pandemic levels [7].

Market Performance - The US stock market continues its strong upward trend, with all three major indices reaching new highs [1] - The Dow Jones Industrial Average rose by 443.13 points, an increase of 1.05%, closing at 42,762.87 points [3] - The Nasdaq Composite Index increased by 1.20%, closing at 19,529.95 points, while the S&P 500 Index rose by 1.03%, closing above the key 6,000-point mark at 6,000.36 points [3] - For the week, the S&P 500 Index gained 1.5%, the Dow Jones Index rose by 1.2%, and the Nasdaq Index saw a 2.2% increase [3] Employment Data - The employment report for May exceeded market expectations, with 139,000 new jobs added, surpassing the forecast of 125,000 [4] - The unemployment rate remained steady at 4.2%, alleviating concerns about economic slowdown amid trade policy uncertainties [4] Trade Negotiations - The progress of US-China trade negotiations is a focal point for the market, with investors cautiously optimistic about reaching a trade agreement [4] - Technology stocks performed well, with Apple shares rising by 1.6% and Tesla shares rebounding by 3.8% [4] Technology Stocks - Other major tech stocks also showed strong performance, with Google up by 3.2%, Amazon by 2.7%, Meta by 1.9%, Nvidia by 1.2%, and Microsoft by 0.6%, continuing to set closing historical highs [5] - The Nasdaq Golden Dragon China Index saw a slight decline of 0.1%, indicating relatively stable performance for Chinese concept stocks [5] Commodity Market - In the international commodity market, oil prices rebounded due to ongoing wildfires in Alberta, Canada, affecting energy prices [5] - WTI crude oil for the nearest month rose by 1.91%, closing at $64.58 per barrel, while Brent crude oil increased by 1.13%, closing at $66.47 per barrel [5] Gold Prices - International gold prices faced downward pressure, with three-month gold futures on the New York Commodity Exchange dropping by 1.3% to $3,330.70 per ounce [6] - A stronger US dollar has exerted pressure on precious metal prices [6]